Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 667,091,000, representing an increase of 9.3% compared to HKD 609,872,000 in 2023[5] - Gross profit for the year was HKD 323,722,000, up from HKD 258,323,000 in the previous year, indicating a growth of 25.3%[5] - Operating profit decreased to HKD 174,008,000 from HKD 186,924,000, reflecting a decline of 6.1%[5] - The net profit for the year was HKD 1,177,400,000, down 9.3% from HKD 1,298,486,000 in 2023[5] - Basic and diluted earnings per share were HKD 47.36, compared to HKD 52.23 in the previous year, a decrease of 9.3%[5] - Total comprehensive income for the year was HKD 1,024,014,000, down from HKD 1,197,155,000, representing a decline of 14.5%[7] - The group achieved a total profit before tax of HKD 1,286,992,000 for the year ended December 31, 2024, after accounting for tax expenses of HKD 109,592,000, resulting in a net profit of HKD 1,177,400,000[23] - The group's pre-tax profit, after deducting the share of joint ventures and associates, was HKD 1.287 billion for 2024, compared to HKD 1.401 billion in 2023[40] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 16,298,947,000, an increase from HKD 16,027,223,000 in 2023[9] - The company's total equity increased to HKD 15,919,205,000 from HKD 15,516,731,000, reflecting a growth of 2.6%[10] - Non-current assets decreased to HKD 9,173,214,000 from HKD 9,276,280,000, a decline of 1.1%[9] - Current assets increased to HKD 7,125,733,000 from HKD 6,750,943,000, indicating a growth of 5.5%[9] - The group's total liabilities were reported at HKD 379,742,000, with segment liabilities for crude oil terminal and storage services at HKD 147,666,000[25] - The company's total liabilities were HKD 510,492,000, with total equity reflecting a strong financial position[29] Revenue Segmentation - The group reported segment revenue of HKD 667,091,000 for the crude oil terminal and storage services, with no revenue from the ship leasing and transportation services[23] - Revenue from major customer Sinopec Group and its subsidiaries was approximately HKD 592,972,000, accounting for 89% of total revenue[34] - The group’s revenue from external customers for the crude oil terminal and storage services was entirely accounted for, with no inter-segment revenue reported[23] Investments and Future Plans - The group invested HKD 90,509,000 in non-current segment assets during the reporting period[23] - The company plans to further invest in LNG transportation projects, with three LNG vessels expected to be launched between 2027 and 2028[60] Employee and Compensation - As of December 31, 2024, the company had a total of 220 employees[93] - Employee benefits expenses, including director remuneration, increased to HKD 153,014,000 in 2024 from HKD 149,131,000 in 2023[37] - Employee compensation includes base salary, bonuses, and benefits, with adjustments based on market conditions and employee performance[94] - The company emphasizes diversity and equal opportunity in its hiring practices, aligning gender ratios with business needs[93] Accounting and Compliance - The group has not adopted several new accounting standards that are expected to take effect after January 1, 2025, and is currently assessing their potential impact[17] - The group is actively evaluating the implications of new accounting standards on its consolidated financial statements, with no significant impact anticipated at this stage[17] - The audit committee consists of four independent non-executive directors responsible for accounting standards, auditing, and compliance[100] - All directors confirmed compliance with the standards set forth in the Securities Trading Code for the year ending December 31, 2024[103] Cash Flow and Dividends - The board proposed a final cash dividend of HKD 0.15 per share for the year 2024, consistent with the previous year, after an interim dividend of HKD 0.10 per share was already paid[55] - The total dividend payable for the year 2024 is HKD 621.54 million, unchanged from the previous year[44] - The company’s cash flow situation and future development needs were considered in the dividend proposal[55] Risk Management - The company does not use financial instruments for hedging against currency or interest rate risks, managing liquidity through cash flow budgeting and negotiations with financial institutions[88][90] - The company reported a loss from foreign exchange of HKD 59,254,000 in 2024, compared to a gain of HKD 4,186,000 in 2023[36] Operational Performance - During the reporting period, the company handled 109 oil tankers, achieving an oil unloading volume of approximately 13.92 million tons, a year-on-year increase of about 16.49%[56] - The total throughput of the six domestic terminal companies decreased to approximately 19 million tons, a year-on-year decline of about 9.09%[58] Other Income and Gains - The company’s other income and net other gains decreased by 98.78% to approximately HKD 982,000 due to increased foreign exchange losses[64] - Investment income from the company's joint ventures was approximately HKD 695.96 million, a year-on-year decrease of about 12.82%[67] - The company’s LNG shipping segment achieved an investment income of approximately HKD 120 million, a year-on-year increase of about 51.28%[60]
中石化冠德(00934) - 2024 - 年度业绩